Tax Credits & Other Programs
Real Estate Rehabilitation and Renovation Program
The Real Estate Rehabilitation and Renovation Program through the City Assessor grants real estate tax exemptions for eligible and qualified properties under rehabilitation/renovation. The tax exemption is equal to the difference between the increase in assessed value resulting from the substantial rehabilitation/renovation of a structure and the beginning assessed value as determined by the City Assessor. This program does not freeze taxes; however, the exemption is subtracted from the fair market value assessment before taxes are calculated.
Department of Historic Resources (DHR)
DHR’s Tax Credit program provides state tax credits to property owners who undertake the rehabilitation of historic buildings in compliance with the Secretary of Interior’s Standards for Rehabilitation. Through the federal and state rehabilitation tax credit programs, property owners are given substantial incentives for private investment in preservation, resulting in enormous advantages to the public. The preservation of these structures encourages a connection to the past, enhances the identity of a community, and stimulates private investment.
View more information on DHR's Tax Credit Program
DHR administers several grant opportunities that provide financial and technical assistance to support the preservation and protection of historic resources in Virginia. In addition to grant programs managed by DHR, there are several additional grant programs available for preservation projects through other federal, state, and private entities that are linked. DHR currently does not have any grant programs available for rehabilitation or construction on private property.
View more information on DHR's Grants & Funding
DHR’s Easement program allows property owners to voluntarily protect the historical, architectural and archaeological integrity of their property by placing a permanent preservation easement on the property. The easement restricts future development of the property, prohibits certain activities and requires prior approval of others. Except for rights specifically relinquished, the landowner continues to own, use and control the land.
View more information on DHR's Easement Program